General Durable Powers of Attorney are wonderful to have in place in the event that you become incapacitated. Having this simple document ready to go is far better than having to go through the long and complicated guardianship process so that someone else can handle your financial affairs for you when you are unable to do so. However, a General Durable Power of Attorney is not necessarily a magic solution. Just getting the document is not enough. A General Durable Power of Attorney creates a … [Read more...]
College Accidents
Did you know that once your child reaches the age of 18, you no longer have the right to make their health care and financial decisions? You probably do know that, but have you thought about what that means when your children go off to college? Generally, it means that for the first time in their lives, college bound students are entirely responsible for themselves. Sure, parents can still send money, but the students can legally decide how they want to use it. This new responsibility brings … [Read more...]
Make Emergiencies Easier to Handle
Americans are a transient people for the most part. So many of us do not live anywhere near the towns where we grew up. We might live a few hours' drive away or we might live on the other side of the country. This can make things more complicated when we need to deal with an emergency involving our parents. As our parents age, many of us are called into action to deal with emergencies. We rush out to our hometowns and try to take care of what is needed. Almost without exception, the first time … [Read more...]
Do You Need an Annuity?
If you live long enough, there is a fifty-fifty chance that you will end up with some form of dementia. You will not be capable of handling your own finances. It is a possibility that you need to plan for. You should have a General Durable Power of Attorney in place so that someone you designate can handle your finances. However, what if unexpected costs occur and you run out of money? You should have a plan for that possibility as well. One thing that you might want to consider is an annuity. … [Read more...]
Protect Yourself From Elder Abuse
There are crimes that make you silently shake your head, like minor traffic violations. There are other crimes that make you wonder what this world is coming to, like elderly abuse. A recent case out of New York is one of the latter. Michael Ostrowski was appointed to be the guardian of his grandfather who has dementia. This is rather ordinary and happens in Probate Courts every day. What is not ordinary is what Ostrowski did with that guardianship. He used it to steal approximately $300,000 of … [Read more...]
